新时代财富：解码高净值消费者行为与市场机遇

The New Wealth Era: Decoding Affluent Consumer Behavior & Market Opportunities 张玲玲副教授lzhang@Ceibs.edu李丽真资深研究总监Abby.Lee@Ipsos.com Introduction Background: With rapid economic growth and wealth accumulation, China has becomethe world’s largest high-net-worth population by volume. From 2010 to2020, the number of households with over RMB 1 million in investable Today, Gen Y and Gen X remain the core force behind high-end spending.Meanwhile, Gen Z—shaped by digital fluency, strong self-awareness, andintergenerational wealth—has emerged as a new driver of market trends.Their consumption is highly individual, emotionally expressive, andsocially charged, reflecting a shift from status-driven spending to value- At the same time, the Silver generation—experienced, financiallystable, and increasingly open to lifestyle upgrades—is emerging as anunderexplored yet promising segment. Their demand for quality,health, and meaningful experiences presents new opportunities for This evolving consumer landscape calls for brands to rethinkhow they define “premium” and “luxury.” Affluent Chineseconsumers are not just chasing labels—they’re curating Research Methodology This report is based on in-depth interviews with 15 affluent consumers and 4experts, spanning four generations (Silvers, 80s, 90s, 00s). Using Ipsos UU China’s qualitative framework, the study explores how wealth,values, and generational differences shape premium consumption across keylifestyle categories. Respondents profile—Expert Definition of Categories The GildedStagnation Era “During this period, China's economic growth continued, leadingto aconsumption upgradecharacterized by increasing Consumption Patterns:The Face vs. Function Split Security-First Obsession New Money Mentality Conspicuous consumptions are thriving•NewRich:Hermè s "pre-spending" rules (hidden entry fees)•Wannabe Middle Class:PinduoduoiPhones (12-installment Focusing on safety and health •Security-First consumers:prioritize safety, stability, and riskmitigation in their purchasing decisions Hoarding Consumption •Real estate: Divorce-for-home loopholes•Educationalrace: School district flats, 3000k/yr international Symbolic Essentials •Moutai (political-business "currency") Health Anxiety Consumption •Imported milk powder (cross-border shopping frenzy)•PM2.5 air purifiers (Xiaomi vs. Dyson wars) The Consumption Revolutionof the Nouveau Riche Era “In the new era, as the wealth of global high-net-worth individualssurges, their consumption patterns shift from ostentatious Global Macro Impact Factors People and organizations are shaped by six interconnected macro forces. While these factors interact dynamically, our frameworkhelps The grey-colored trends highlight those most relevant to the Chinese market today, referred from our consumer and expert interviews. Consumption Upgrade & Digital Functional to •Consumers prioritize self-care, emotionalwellbeing, and personal meaning.•Experiences, stories, and aesthetics takeprecedence over utility or logos. Consumption Trends and TheirImpacton Categories “Across categories, trends indicate increased focus on emotional value fornon-essential purchases (e.g., experiences, design-driven products) , while essential spending emphasizes "value with quality" (质价比), Rising demand for mindful, aspirational, and transformative journeysreflects new emotional and cultural travel values Experience consumption moves from emotional resonance to spiritual Sports evolve from brand-driven identity and belonging towellness-focused, self-managed investments in health Who is Taking the Lead inRedefining the New In this transformation, 4 generations and five types ofpeople dominate the market direction—they use Overall Lifestyle Social Life Work Life Family Life GEN Z •Tend to rely on digitalplatforms, especially onlinesocial networks interaction.•Emphasis on emotional valueand social experiences, like •Relatively independent infamily life but still supportedby parents.•Changes in family structure •Seek flexibility and growthopportunities, exploringdifferent industries and rolesearly in their careers.•Entrepreneurship and Notably driven by a desire for self-expression and authenticity. Theyprioritize personal experiences andoften seek out activities that enablepersonal growth and fulfillment. Consumption Attitude and Changes Meaning ofPremium & Luxury Tend to spend more onfollowing categories: Consumption This generation values both physicaland mental health, with manyadopting wellness practices and •Premium:Defined by quality,design uniqueness, andemotional resonance. •Value quality-price ratio,comprehensive value includingemotional and experiential, overmere price advantage valued.•Economic shifts drive the move •Travel•Collectible Consumption•Experience Consumption GenZ-Evolvement of consumption trends impacted by Macro trends Domestic Products and Cultural Entertainment and Self-Pleasing Optimism-DrivenConsum